Lithium Iodide Market: Introduction
Lithium iodide is used as an electrolyte for long-lasting and high-temperature batteries. It is also used in organic synthesis for cleaving carbon-oxygen bonds. The solid form of lithium iodide is used as phosphorous for detecting neutron.
Thus, lithium iodide is available in large volumes which find major application as an electrolyte, in battery and solvent in chemical industries.Chile is the largest producer of iodide and lithium compound.
The country has the largest lithium reserve 53% of global reserves and second-largest iodide reserves which is around 24% share of global reserve in 2015. Another bulk lithium producing country is Australia, while the U.S. and Japan are among leading producers of iodide.
Lithium Iodide Market: Market Dynamics
The development of high-performance rechargeable lithium iodide batteries for electric vehicles is anticipated to drive market demand.
The growing purchase of electric vehicles in Japan, Europe, the US, and China to reduce the environmental population, and dependency on fuel is a key factor surging the demand for lithium iodide.
High public and private sector investment R&D of lithium-ion battery for improving battery design and efficiency for electric cars is likely to promote market growth during the assessment period.Application lithium iodide cell in cardiac pacemaker last for around 10 years.
Increasing demand for cardiac pacemaker batteries due to the rise in the number of heart disease. According to the U.S. Department of Health & Human Services around 365,914 people died in heart disease in the U.S. in 2017.
The number of heart patient trend to increase in future due to unhealthy lifestyle potentially increasing the demand for cardiac pacemaker and batteries which is projected to drive the lithium-ion batteries demand.
Lithium iodide batteries are significantly used in electronic products such as toys, TV remote, clocks, and cameras. High demand for consumer electronic products to drive the demand for lithium iodide batteries in the forecast timeframe.
However, lithium iodide batteries cost higher than nickel-cadmium batteries which may challenge market growth. The other disadvantages are aging and restriction in transportation which may act as restraint for manufacturers.
COVID-19 crisis impact
The slowdown of manufacturing sector production output as well as weak demand related to automotive sector due to COVID-19 crisis in turn will have a retarding effect on the growth of Lithium Iodide market to some extent in the current year.
However, demand from pharmaceutical and electronics industry will continue to generate positive growth in the interim. The market recovery is expected to take a next 4 to 6 quarters.
Lithium Iodide Market: Regional Outlook
Lithium iodide based battery production in Asia-Pacific countries is growing due to increasing use of battery in electric vehicles. Japan and China are one of the leading producers of electric vehicles and batteries which has increased the consumption of lithium iodide in the Asia-Pacific region.
North America, is led by the U.S. demand for lithium-ion batteries in electronic goods owing to its long-self life. Consumer electronic goods demand has propelled phenomenally in recent years due to the emergence of advanced technology building smart homes and offices.
Such trends exhibit that the demand for electronic goods will increase in the coming years which will drive the demand for lithium iodide batteries.Europe is the largest hub of automotive companies, growing consumer inclination toward electric vehicles is likely to fuel the demand for lithium iodide batteries during the forecast period.
Latin America, is one of the largest producer and exporter of electronic goods high demand for lithium iodide batteries in electronic products is estimated to boost regional product demand.Middle East & Africa market is anticipated to grow at a healthy CAGR owing to increasing demand from the pharmaceutical and chemical industry.
Lithium Iodide Market: Key Market Participants
Some of the key market participants in the global Lithium Iodide market are:
- Albemarle Corporation
- Leverton-Clarke Speciality Chemicals.
- Shanghai China Lithium
- Triveni Chemicals
- Suzhou Huizhi Lithium Energy Material Co., Ltd i
- Samrat pharmachem ltd
- Nanjing Taiye Chemical Industry Co., Ltd.
- GODO SHIGEN Co., Ltd.
The Lithium Iodide market research report presents a comprehensive assessment of the Lithium Iodide market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies.
The Lithium Iodide market research report provides analysis and information according to market segments such as geographies, material type, temperature range, and end use.
The Lithium Iodide market report covers exhaustive analysis on:
- Lithium Iodide: Market Segments
- Lithium Iodide: Market Dynamics
- Lithium Iodide: Market Size
- Lithium Iodide: Supply & Demand
- Lithium Iodide: Current Trends/Issues/Challenges
- Lithium Iodide: Competition Analysis & Companies involved
- Lithium Iodide: Technology Developments
- Lithium Iodide: Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Western Europe (Germany, Italy, France, U.K., Spain, BENELUX, Nordics)
- Eastern Europe (Russia, Poland, CIS)
- Asia-Pacific (China, India, ASEAN, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
The Lithium Iodide market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The Lithium Iodide market report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Lithium Iodide Market: Market segmentation
The global Lithium Iodide market can be segmented into product, and end-use.
By Product Type
- Lithium iodide trihydrate
- Lithium iodide anhydrous
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